Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of December 31, 2019, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions):

	Notional Amount as of		Fixed Rates	Maturity Date
	December 31, 2019
Interest Rate Derivative:
Interest Rate Swap	$	1,000	2.56%	1/31/2022
Interest Rate Swap	500		2.56%	1/31/2023
Interest Rate Swap	500		2.55%	12/19/2023

The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of December 31, 2019 and 2018 (in millions) is presented in the table below. Notional amounts do not reflect the netting of offsetting trades, although these offsetting positions may result in minimal overall market risk. Aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on market conditions, levels of customer activity and other factors.

	Net Notional
	2019		2018
Foreign exchange contracts:
Swaps	$	599.5	$	929.5
Futures, forwards and spot	3,017.1		3,249.9
Written options	6,393.9		3,688.8
Purchased options	5,830.8		2,867.2
Total	$	15,841.3	$	10,735.4

Schedule of Derivative Liabilities at Fair Value

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions):

December 31, 2019	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	6.1		25.6		6.1		25.6
Total net derivative assets and liabilities	$	108.8	$	78.2	$	66.0	$	35.3

December 31, 2018	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	109.5		112.9		68.8		72.1
Cash collateral	9.6		73.1		9.6		73.1
Total net derivative assets and liabilities	$	99.9	$	39.8	$	59.2	$	(1.0	)

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2019 and 2018 (in millions):

	December 31, 2019							December 31, 2018
	Gross		Offset on the Balance Sheet			Net		Gross		Offset on the Balance Sheet			Net
Assets
Accounts Receivable	$	1,139.1	$	(1,084.6	)	$	54.5	$	815.7	$	(745.2	)	$	70.5
Liabilities
Accounts Payable	$	1,140.4	$	(1,084.6	)	$	55.8	$	760.8	$	(745.2	)	$	15.6

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions):

December 31, 2019	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	6.1		25.6		6.1		25.6
Total net derivative assets and liabilities	$	108.8	$	78.2	$	66.0	$	35.3

December 31, 2018	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	109.5		112.9		68.8		72.1
Cash collateral	9.6		73.1		9.6		73.1
Total net derivative assets and liabilities	$	99.9	$	39.8	$	59.2	$	(1.0	)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the Consolidated Balance Sheets, as of December 31, 2019 (in millions). See footnote 4 for additional information on the fair value of the Company’s swap contracts.

	December 31, 2019
	Balance Sheet Location	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Other liabilities	$	56.4

Derivative Instruments, Gain (Loss)

The table below displays the effect of the Company’s derivative financial instruments in the Consolidated Statement of Income and other comprehensive loss for the twelve months ended December 31, 2019 (in millions):

	2019
Interest Rate Swaps:
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million	$	42.8
Amount of loss reclassified from accumulated other comprehensive income into interest expense	5.8